Low code platform 3forge received funding from Morgan Stanley.
The amount of the round, which marked 3forge’s first external investment since it was founded in 2011, was undisclosed.
3forge will use the funds to fuel its global go-to-market strategy and expand its development community.
Low code platform 3forge has landed its first external investment round since it was founded in 2011. Morgan Stanley invested an undisclosed amount in the New York-based company.
3forge, which counts banks, hedge funds, asset managers, exchanges, and sovereign wealth funds among its clients, offers a low-code platform developers can use to build front-end, enterprise applications. The company is able to reduce development time, minimize maintenance costs, offer scalability and ensure uptime because it built its own web server, database, and messaging layer from scratch in-house.
“We are thrilled to close on an investment by Morgan Stanley, a longstanding partner who truly understands the value and performance of 3forge technology,” said 3forge Founder Robert Cooke. “This is an exciting milestone as we continually expand our capabilities to help enhance client workflows and productivity.”
3forge will use the funds to accelerate its global go-to-market strategy and expand its development community.
3forge is known for its high-performance data visualization and application development platform. The company’s competitors include companies like Appian and OutSystems, which offer similar low-code solutions designed to streamline the development process. 3forge’s platform, however, differentiates itself because of its ability to handle complex data environments, an attribute that makes it a valuable tool for banks with large data volumes.
Low-code/no-code platforms became popular in fintech in the mid-2010s. Today, their use is changing how banks and developers build and deploy applications. That’s because they enable organizations to create custom solutions quickly– without the need for coding skills. This not only speeds up the development cycle, but it also reduces operational costs.
Banks need to make changes to their applications faster and more frequently than ever before, but there is a talent gap of banks that demand strong developer talent and the availability of developers. The promise of a low-code platform can help banks and fintechs adapt to evolving customer demands and regulatory requirements, while limiting the need to hire new developer talent.
Photo by Sven Piper on Unsplash
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